The ASX 200 rose 92 points to 8991(1.0%), closing on highs, as bank and resources fired together. The Big Bank Basket back up to $285.59 (+1.5%) with CBA signing up Comyn for another three years and rising 1.5%. NAB up 1.9% and MQG rallying another 1.5%. Other financials also doing ok, HUB up 2.0% and PNI up 1.5%. REITs quiet and insurers slipped slightly. Healthcare better as CSL rose 2.6% and TLX sprinted 16.3% higher on a guidance update.  Industrials also found some buyers, WES up 0.6% and CPU rose 2.5% with retail flat. Tech better, WTC up 1.7% and XRO rallied 1.7%. TLS rose 0.4% and TPG up 1.0% as ABB rose 5.2% after the update yesterday.

In resources, the big miners gained again, BHP up 1.8% and FMG up 2.1% with gold stocks slightly higher, EVN fell 2.9% after production numbers, GMD rose 1.6% and some rare earths did well whilst others fell hard. Substance over hot air. IPX up 11.0% and ILU up 4.4% with LRV soaring again, UP 29.4%. Oil and gas stocks remain under pressure, STO down 2.2% again, uranium stocks firmed, PDN up 3.2% and NXG up 4.4%.

In corporate news, ORA said its Saverglass acquisition is not meeting expectations. No surprise there really. DRO launched a new software platform called DroneSentry -C2, BOQ raised its dividend and rose 1.4%. 29M with a production update fell 20.8%

On the economic front, Chinese inflation numbers out today.

Asian markets rise, Japan up 1.8% China up 0.2% and HK up 1.3%.  

10-year yields fell to 4.22%.

European markets slightly higher

HIGHLIGHTS

  • Winners:  LRV, BOC, TLX, EUR, ELV, IPX, NVX, SRL
  • Losers: 29M, NTU, AIS, EOS, DRO, SYR, BVS, ARU
  • Positive Sectors: Banks. Financials. Healthcare. Industrials. Tech.
  • Negative Sectors:  Insurers.
  • ASX 200 Hi 8991 Lo 8950 – Narrow range/ closed on highs – SPI expiry tomorrow.
  • Big Bank Basket: Rises to $285.59 (+1.5%)
  • All-Tech Index: Up 0.5%
  • Gold: eases to $6426. Silver slips to US$52.19!
  • Bitcoin: slips to US$112833
  • AUD: rises to 65.17c
  • In Asian markets – Japan up 1.4% China unchanged and HK up 1.2%.
  • 10-year yields fell to 4.23%.
  • US futures – Dow up 101. Nasdaq up 121. More results in focus.
  • European markets set to open slightly higher.  ASML results today.

MARKET MOVERS

  • LRV +29.4% soars on RMX antimony results.
  • BOC +24.6% really!
  • TLX +16.3% upgrades outlook.
  • EUR +16.3% Soars again. CRML going well in US.
  • IPX +11.0% Annual Report
  • MTM +5.5% breakthrough in FJH REE recovery.
  • ABB +5.2% broker upgrades.
  • LKY +30.6% rally continues.
  • 29M -20.8% production update.
  • NTU -14.1% rare earths unwind.
  • EOS -9.9% DRO -9.6% defence sector sell s off hard.
  • ARU -6.7% rare earths sell down.
  • MEI -4.2% profit taking.
  • ASM -7.3% rare earth rally unwinds.
  • ELS -9.5% defence stocks under pressure.
  • Speculative Stock of the Day: NVA +81.7% Engaged by Rudd for meeting with US administration.

ECONOMIC AND OTHER NEWS

  • The Australian Competition and Consumer Commission has launched a probe into Southern Cross Media’s (SXL) proposed takeover of Seven West Media (SWM).
  • UBS has increased its forecast for the long-term gold price to $US3250 an ounce.
  • Global X, the exchange-traded fund giant, believes gold could strike $US5000 an ounce by the end of this year, while Bank of America expects gold to hit $US5000 and silver $US65 an ounce by the end of 2026.
  • The Chinese consumer price index fell 0.3% in September from a year earlier, a sharper decline than economists’ forecast of 0.2% slide.
  • Core CPI, which strips out volatile food and energy prices, rose 1% from a year earlier, the highest since February 2024, according to data from Wind Information.
  • China’s producer price index fell 2.3% from a year ago, easing from 2.9% drop in August and 3.6% slide in July.
  • Top US financiers sound alarm on lending standards.
  • Oil tumbles to five-month low on report of ‘large surplus’.
  • CME’s Middle East trading volumes jump as hedge funds rush to Dubai and Abu Dhabi.
  • Deutsche Bank has upgraded Europe to positive v the US.

And finally….

I should’ve known inventing a boomerang with teeth would come back to bite me.

My Friend TONY begged me not to spell his name backwards. I said Y not…

Clarence

XXXXXX